Earnings summaries and quarterly performance for WILLIAMS COMPANIES.
Executive leadership at WILLIAMS COMPANIES.
Board of directors at WILLIAMS COMPANIES.
CA
Carri A. Lockhart
Detailed
Director
JJ
Jesse J. Tyson
Detailed
Director
MA
Michael A. Creel
Detailed
Director
PA
Peter A. Ragauss
Detailed
Director
RE
Richard E. Muncrief
Detailed
Director
RM
Rose M. Robeson
Detailed
Director
SD
Scott D. Sheffield
Detailed
Director
SH
Stacey H. Doré
Detailed
Director
SW
Stephen W. Bergstrom
Detailed
Lead Independent Director
WH
William H. Spence
Detailed
Director
Research analysts who have asked questions during WILLIAMS COMPANIES earnings calls.
JT
Jeremy Tonet
JPMorgan Chase & Co.
7 questions for WMB
Also covers: AEE, AEP, AM +45 more
JM
John Mackay
Goldman Sachs Group, Inc.
7 questions for WMB
Also covers: AM, ARIS, CQP +16 more
MG
Manav Gupta
UBS Group
7 questions for WMB
Also covers: ADM, AMTX, BE +34 more
PS
Praneeth Satish
Wells Fargo
7 questions for WMB
Also covers: ARIS, CSIQ, ENB +11 more
Theresa Chen
Barclays PLC
7 questions for WMB
Also covers: CQP, DINO, DTM +20 more
Jean Ann Salisbury
Bank of America
5 questions for WMB
Also covers: CQP, CVX, DK +13 more
Keith Stanley
Wolfe Research, LLC
5 questions for WMB
Also covers: DK, DTM, ENB +12 more
RC
Robert Catellier
CIBC Capital Markets
5 questions for WMB
Also covers: ATGFF, BIP, ENB +3 more
Spiro Dounis
Citigroup Inc.
5 questions for WMB
Also covers: ARIS, CQP, DTM +14 more
AS
Amit Sarkar
BMO Capital Markets Corp.
2 questions for WMB
Burke Sansiviero
Wolfe Research, LLC
2 questions for WMB
Also covers: KNTK, LNG, MPLX +2 more
ES
Elvira Scotto
RBC Capital Markets
2 questions for WMB
Also covers: AROC, GEL, USAC +2 more
IM
Indraneel Mitra
Bank of America
2 questions for WMB
Also covers: KNTK, MPLX, PAA
JG
Jason Gabelman
TD Cowen
2 questions for WMB
Also covers: BP, CLMT, CLNE +19 more
Julien Dumoulin-Smith
Jefferies
2 questions for WMB
Also covers: AEE, AEP, AES +54 more
ND
Neal Dingmann
Truist Securities
2 questions for WMB
Also covers: APA, CHRD, CIVI +33 more
SS
Sunil Sibal
Seaport Global Holdings LLC
2 questions for WMB
Also covers: ENLC, OKE, PAA +2 more
ZV
Zackery Van Everen
Tudor, Pickering, Holt & Co.
2 questions for WMB
Also covers: AM, DTM, EE +6 more
Zack Van Everen
TPH&Co.
2 questions for WMB
Also covers: DTM, EE, ET +2 more
BB
Brandon Bingham
Scotiabank
1 question for WMB
Also covers: CQP, EPD, KMI +6 more
GM
Gabriel Moreen
Mizuho Financial Group, Inc.
1 question for WMB
Also covers: AROC, ATO, DKL +15 more
Recent press releases and 8-K filings for WMB.
Williams Companies taps $250 M term loan facility
WMB
Debt Issuance
- On December 1, 2025, Northwest Pipeline LLC, a Williams subsidiary, entered into a $250 million Credit Agreement with PNC Bank, National Association as administrative agent and PNC Capital Markets LLC as lead arranger to refinance its 7.125% senior notes due December 1, 2025 and fund working capital, acquisitions, capital expenditures and other general corporate purposes.
- The term loan matures on December 1, 2028 (three years) and bears interest at either Alternate Base Rate + Applicable Rate or SOFR + Applicable Rate, with spreads set by the Company’s senior unsecured debt ratings.
- The Agreement imposes a financial covenant requiring maintenance of a debt-to-capitalization ratio no greater than 65%, tested at each fiscal quarter-end, and contains customary representations, warranties, covenants and events of default.
Dec 1, 2025, 9:52 PM
Williams Companies subsidiary issues $1.7 B of Senior Notes
WMB
Debt Issuance
- On November 20, 2025, Transcontinental Gas Pipe Line Company, LLC, an indirect wholly owned subsidiary of Williams Companies, completed a private placement of $1.0 billion 5.100% Senior Notes due 2036 and $700 million 5.750% Senior Notes due 2056 under Rule 144A/Reg S.
- The 2036 Notes were priced at 99.936% of par bearing interest at 5.100%, and the 2056 Notes at 99.413% of par bearing interest at 5.750%, both payable semi-annually beginning March 15, 2026.
- The indenture provides for make-whole redemption prior to the Par Call Date and redemption at 100% of principal thereafter, and includes covenants restricting liens and asset transfers.
- A Registration Rights Agreement obligates the company to file an exchange offer within 365 days and potentially register a shelf for resales; failure to comply may incur additional interest payments.
Nov 20, 2025, 9:24 PM
Williams’ Transco initiates private debt issuance
WMB
Debt Issuance
- Transcontinental Gas Pipe Line Company, LLC (“Transco”), a Williams subsidiary, is offering senior notes privately to institutional investors to fund the redemption of $1.0 billion of its 7.850% Senior Notes due 2026.
- Net proceeds will also cover associated fees and any surplus will be used for general corporate purposes, which may include repayment of other near-term debt maturities.
- The offering will rely on exemptions from registration under the Securities Act and will be conducted via a private offering memorandum.
Nov 5, 2025, 1:53 PM
Williams Reports Q3 2025 Results
WMB
Earnings
Guidance Update
New Projects/Investments
- Williams generated $1.92 billion of adjusted EBITDA in Q3 2025, up 13% year-over-year, and maintained full-year adjusted EBITDA guidance at a $7.75 billion midpoint; 2025 CapEx guidance was raised to $3.95–$4.25 billion with leverage around 3.7×
- Completed key infrastructure expansions including Northwest Pipeline’s Stanfield South, Transco’s Alabama-Georgia Connector, Shenandoah and Salamanca deep-water projects, and Haynesville gathering; announced Wharton West and Green River West expansions and secured customer agreements for a 10 Bcf/d Pine Prairie storage expansion
- Sold Haynesville upstream asset to JERA for $398 million plus deferred payments, and formed a strategic partnership with Woodside to build the 3.1 Bcf/d Line 200 pipeline and acquire a 10% stake in the Louisiana LNG terminal, committing 1.5 mtpa of LNG offtake, with combined expected capital of $1.9 billion
- Power innovation backlog rose to $5.1 billion, including $3.1 billion in two new projects under 10-year contracts, targeted for completion by H1 2027
- Transmission, Power & Gulf EBITDA grew 14% (+$117 million), Gulf gathering volumes increased 36%, and NGL production rose 78% year-over-year
Nov 4, 2025, 2:30 PM
Williams reports strong Q3 2025 results and outlines growth projects
WMB
Earnings
Guidance Update
New Projects/Investments
- Williams delivered adjusted EBITDA of $1.92 billion, up 13% year-over-year, driven by record transmission, power innovation and storage/gathering volumes across all segments.
- Full-year 2025 guidance remains unchanged with a midpoint of $7.75 billion adjusted EBITDA, targeting 9% growth over 2024 and a five-year EBITDA CAGR of 9% (EPS CAGR of 14%).
- Completed key expansion projects—including Transco’s Alabama Georgia Connector and Mountain West’s Green River West—and announced a $1.9 billion capital commitment for Haynesville asset divestiture to JERA and a 20-year, 3.1 Bcf/d Line 200 LNG pipeline partnership with Woodside (10% terminal equity).
- Power Innovation backlog increased to $5.1 billion with two new grid-constrained projects announced in September 2025, slated for completion in 2027 under ten-year customer agreements.
Nov 4, 2025, 2:30 PM
Williams Companies reports Q3 2025 results and outlines major project investments
WMB
Earnings
Guidance Update
New Projects/Investments
- Williams delivered $1.92 billion of adjusted EBITDA in Q3 2025, up 13% year-over-year, and maintained full-year adjusted EBITDA guidance with a midpoint of $7.75 billion; CapEx guidance was raised to $3.95–$4.25 billion to fund additional Power Innovation and LNG investments.
- Completed or placed in service multiple transmission expansions—including Stanfield South, Alabama-Georgia Connector, and Commonwealth Energy Connector—and announced new pipeline projects (Wharton West, Green River West) and a 10 Bcf expansion at Pine Prairie storage.
- Advanced a strategic “wellhead-to-water” LNG platform: sold Haynesville upstream interest to JERA for $398 million, partnered with Woodside Energy to build and operate the 3.1 Bcf/d Line 200 pipeline, and acquired a 10% stake in a fully contracted Louisiana LNG terminal under 20-year take-or-pay contracts.
- Committed $5.1 billion of Power Innovation capital across projects backed by 10-year agreements, with two additional projects totaling $3.1 billion slated for in-service in H1 2027, targeting a 5× EBITDA build multiple.
Nov 4, 2025, 2:30 PM
Williams Companies reports Q3 2025 earnings and strategic investments
WMB
Earnings
Guidance Update
New Projects/Investments
- Completed multiple pipeline expansions including Stanfield South, Alabama-Georgia Connector, and Shenandoah, and announced further projects Wharton West and Green River West, plus a 10 Bcf Pine Prairie storage expansion.
- Announced sale of Haynesville upstream asset to JERA for $398 million (plus deferred payments) and a strategic LNG partnership with Woodside to build and operate Line 200 (3.1 Bcf/d) and acquire a 10% interest in Louisiana LNG, committing to 1.5 Mtpa offtake and $1.9 billion of capital investment.
- Delivered $1.92 billion of adjusted EBITDA in Q3, up 13% YoY, driven by record transmission, power & Gulf business and significant volume growth in Gulf gathering (+36%) and NGL production (+78%).
- Maintained full-year 2025 guidance with an adjusted EBITDA midpoint of $7.75 billion (+9% YoY), EPS midpoint of $2.10 (+9% YoY), CapEx of $3.95–4.25 billion, and leverage target of ~3.7x.
- Expanded power innovation backlog to $5.1 billion with two new projects totaling $3.1 billion, expected online in early 2027 under 10-year agreements at a 5x EBITDA build multiple.
Nov 4, 2025, 2:30 PM
Williams Companies Q3 Results Mixed, Shares Rise
WMB
Earnings
- Revenue increased to $2.923 billion from $2.653 billion year-over-year, driven by higher service revenues and product sales.
- Operating income rose to $1.109 billion, reflecting improved operational efficiency and cost management.
- Net income attributable to shareholders declined to $647 million due to higher interest expenses, down from $706 million.
- EPS slipped to $0.53, but shares gained 2% to $59.03, marking their third consecutive day of gains.
- Contributions from segments including Transmission, Power & Gulf, Northeast G&P, West, and Gas & NGL Marketing Services underpinned performance, with operations centered in the Marcellus Shale, Gulf Coast, and Rocky Mountains.
Nov 3, 2025, 10:49 PM
Williams reports Q3 2025 results
WMB
Earnings
Guidance Update
New Projects/Investments
- Williams posted GAAP net income of $646 million ($0.53 per diluted share) and adjusted net income of $603 million ($0.49 per diluted share), a 14% increase year-over-year.
- Adjusted EBITDA reached $1.920 billion (up 13% vs. Q3 2024), cash flow from operations was $1.439 billion (+16%), and AFFO totaled $1.449 billion (+13%), supporting a 2.37x dividend coverage ratio.
- Advanced its growth program by placing into service the Transco Alabama Georgia Connector, Commonwealth Energy Connector, Stanfield South, Gulf deepwater Shenandoah and Salamanca expansions, and expanded the Socrates project by ~$400 million.
- Reaffirmed 2025 guidance with an Adjusted EBITDA midpoint of $7.75 billion (range $7.6–7.9 billion), increased growth capex to $3.95–4.25 billion, and raised the annual dividend by 5.3% to $2.00 per share.
Nov 3, 2025, 9:22 PM
Williams Companies commits additional power innovation capital
WMB
New Projects/Investments
Guidance Update
- $3.1 billion investment agreed for two new power innovation projects, expected online by H1 2027 under 10-year fixed-price PPAs.
- Total power innovation projects committed capital increases to $5 billion.
- 2025 growth capex raised by $875 million to $3.45–3.75 billion, reflecting accelerated project spending.
- 2025 leverage ratio midpoint projected at 3.7× following the capex increase.
Oct 1, 2025, 8:15 PM
Quarterly earnings call transcripts for WILLIAMS COMPANIES.
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